MMGY Global's 2017 - 2018 Portrait of American Travellers study has found that 76 percent of luxury travellers focus on making memories rather than bringing gifts back compared to 57 percent of affluent travellers. It was also revealed that 42 percent of luxury travellers have been influenced on their holidays by memories they had of their childhood vacations.
They also found that third of luxury travellers will choose their next destination for their holiday depending on what they've seen on social media, compared to just seven percent for affluent travellers. Around 51 percent of luxury travellers document their vacations on social media.
And 31 percent of luxury holidaymakers are keen to go on another vacation during the next 12 months.
MMGY Global shared about their report: "Millennials are a perfect example of why marketing to generations may be a losing proposition. While Millennials have been anointed the next big thing by seemingly every major spending category these past few years, they are all too often considered to be one large, monolithic group. However, one size doesn't fit all.
"The youngest Millennials are turning 17 years old this year, while the oldest are turning 37. Such a wide age range of individuals is far too diverse to market to as a single demographic group ... A marketing approach that targets Millennials as a whole is unlikely to be as relevant to each group as it could be. This is why it's important to better understand the various microsegments that transcend the larger and more traditional generational segments.
"In this year's report, we've focused our efforts on six new microsegments, five of which are High-Flyers, Groundlings, The Young & The Restless, Brand Bookies and O-T-Yeas."